{"id":180272,"date":"2024-05-09T08:33:31","date_gmt":"2024-05-09T08:33:31","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/05\/09\/e-vat-increased-revenue-by-32\/"},"modified":"2024-05-09T08:33:31","modified_gmt":"2024-05-09T08:33:31","slug":"e-vat-increased-revenue-by-32","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/05\/09\/e-vat-increased-revenue-by-32\/","title":{"rendered":"E-VAT increased revenue by 32%"},"content":{"rendered":"

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The Ghana Revenue Authority (GRA) has dismissed rumours that piloting its electronic Value Added Tax (e-VAT) invoicing system has led to the state losing billions in revenue.<\/p>\n

GRA clarified that the system\u2019s piloting has rather led to a 32 percent increase in revenue.<\/p>\n

Reports of the system\u2019s flop made the rounds on Wednesday, May 8 but a statement issued by the Communications and Public Affairs Department of the authority described the rumours as erroneous.<\/p>\n

GRA said the pilot phase, which has been completed with 50 taxpayers, has been highly successful and impacted its revenue by GH\u00a2124 million.<\/p>\n

The GRA added that the e-VAT system is currently being piloted and will soon integrate all VAT-registered taxpayers \u201cto enhance revenue collection, combat tax evasion, and help promote transparency in tax administration, as demonstrated by the Pilot Phase.\u201d<\/p>\n

Below is the full statement<\/strong>.<\/p>\n

Update on Progress of E-VAT Implementation<\/strong><\/p>\n

The attention of the Ghana Revenue Authority (GRA) has been drawn to a publication in the Daily Graphic of Wednesday, 8 May 2024, titled \u201cE-VAT in limbo: Retail outlets suck economy dry \u2013 Nation loses billions in revenue\u201d.<\/p>\n

2. The GRA takes this opportunity to provide clarity on its implementation of the EVAT system. Notably:<\/p>\n

i) The rollout of the E-VAT system is being conducted using a phased approach.<\/p>\n

ii) The Pilot Phase: A highly successful pilot has been completed with 50 taxpayers. The test and pilot phase provided a pathway for successful and seamless E-VAT implementation, which prioritized minimal disruption to taxpayers\u2019 back-office processes. During the Pilot Phase, VAT revenue grew by over 58%, representing additional contributions in excess of GH\u00a2384 million. Electronic VAT invoicing efficiency contributed to a revenue impact of GH\u00a2124 million, accounting for 32% of this increase.<\/p>\n

iii) Phase 1: The initial rollout phase which is currently ongoing, is focused on onboarding large taxpayers who account for 80% of VAT contributions. The revised timeline for Phase 1 is from 22 April, 2024 to 31 May, 2024. Initial results from Phase 1 onboarding have been highly encouraging, with a 175% progress rate so far, as measured against weekly onboarding targets.<\/p>\n

iv) Phase 2: The second phase targets the onboarding of medium and small taxpayers by the end of December 2024.<\/p>\n

v) Phase 3: The final implementation phase targets the integration of all other VAT registered taxpayers into the E-VAT system.<\/p>\n

3. The GRA is confident of the significant positive impact that the E-VAT will have on VAT contributions and takes this opportunity to assure all stakeholders of its steadfast commitment to the comprehensive and rapid implementation of the E-VAT system. The successful rollout of E-VAT is poised to enhance revenue collection, combat tax evasion, and help promote transparency in tax administration, as demonstrated by the Pilot Phase.<\/p>\n

4. The GRA takes this opportunity to thank all our clients for their cooperation and partnership as we continue to onboard them onto the E-VAT system.<\/p>\n

5. For further inquiries or assistance regarding E-VAT implementation, taxpayers are encouraged to contact their nearest GRA office or visit our website.<\/p>\n\n

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The Ghana Revenue Authority (GRA) has dismissed rumours that piloting its electronic Value Added Tax (e-VAT) invoicing system has led to the state losing billions in revenue. GRA clarified that the system\u2019s piloting has rather led to a 32 percent increase in revenue. Reports of the system\u2019s flop made the rounds on Wednesday, May 8 […]<\/p>\n","protected":false},"author":1,"featured_media":164629,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-180272","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\nE-VAT increased revenue by 32% - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/05\/09\/e-vat-increased-revenue-by-32\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"E-VAT increased revenue by 32% - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Ghana Revenue Authority (GRA) has dismissed rumours that piloting its electronic Value Added Tax (e-VAT) invoicing system has led to the state losing billions in revenue. 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